Latest News & VACUL Headlines
- FFIEC Announces Update to Cybersecurity Resource Guide for FIs
October 4, 2022The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, is issuing an update to the October 2018 Cybersecurity Resource Guide for Financial Institutions. The programs and tools in the guide are designed for, or otherwise available to, financial institutions. The purpose of this guide is to help financial institutions meet their security control objectives and prepare to respond to cyber incidents. For more information and to view a link to the updated FFIEC Cybersecurity Resource Guide, visit the NCUA Cybersecurity Resources webpage.
- Some Large Banks Said to Reimburse Less than 50% of Consumer Fraud Claims on Zelle
October 4, 2022Large banks that own the payment platform Zelle on average are reimbursing less than 50% of fraud claims reported by consumers who say money was stolen from their accounts by fraudsters, and that practice could violate federal law, according to a major critic of the industry on Capitol Hill.
- FSOC Calls for Legislation on Crypto Spot Markets
October 4, 2022The Financial Stability Oversight Council published its report on crypto regulation Monday, calling for the most significant and specific action from Congress yet out of the batch of reports written at the behest of President Biden.
- FinCEN Publishes Final Rule Around Beneficial Ownership Reporting Requirement
October 4, 2022The Financial Crimes Enforcement Network has issued a final rule establishing a beneficial ownership information reporting requirement. The rule, effective Jan. 1, 2024, sets a 30-day deadline for newly created entities to file initial beneficial ownership reports, while requiring existing entities to submit an initial beneficial ownership report within one year of the effective date.
- NCUA Resource: Sign Up to Receive Call Report, Cybersecurity Information
October 4, 2022The National Credit Union Administration invites credit unions to sign up for information on topics related to Call Reports and cybersecurity.
- White House Unveils Technical Standards Guidance in 'AI Bill of Rights'
October 4, 2022The White House Office of Science and Technology Policy released an "AI Bill of Rights" white paper on Oct. 4 that provides guidance on developing technical standards and policies to reduce unintended harm caused by artificial intelligence or automated data-processing systems.
- Carrie's Diary: The Meditating Dentist
October 4, 2022The latest Diary post from League President/CEO Carrie Hunt discusses interchange, next month's elections, the CEO Summit, the upcoming CEO Forum ... and the vagus nerve. Seriously, that's a thing ...
- Risk Alert: Member Transaction Controls Can Assist in Card Fraud Battle
October 4, 2022Nearly half of all American adults have had a fraudulent charge on their credit or debit cards, amounting to around 127 million people according to security.org. In fact, more than one in three credit or debit card holders has experienced card fraud more than once. It is critical that your members know which transaction controls can help in their fight against card fraud and identity theft.
- League's Blau Interviewed for Virginia Business Article
October 4, 2022League Chief Advocacy Officer JT Blau was interviewed for a recent Virginia Business magazine article on lenders' efforts to manage stubbornly high inflation and rising interest rates.
- CUNA to Hold Elections for Board of Directors
October 3, 2022Nominations are now being accepted for eight open positions on CUNA’s Board of Directors. The deadline for nominations and seconds is Nov. 4. A District 2 seat (which represents Virginia) is vacant.